4609. North & Taylor (Chicago, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
August 11, 1896
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
d5bae7c4

Response Measures

None

Description

Multiple contemporary dispatches (Aug 11, 1896) report North & Taylor, a private banking firm at 959 West Madison St., Chicago, suspended and the Equitable Trust Company was appointed receiver. No run or depositor riot is reported; cause is inability to realize on securities due to the strained money market. A partner's later arrest (Aug 17) for alleged receipt of deposits after insolvency is noted in one dispatch.

Events (2)

1. August 11, 1896 Receivership
Newspaper Excerpt
Depositors are promised full payment. The Equitable Trust company was appointed receiver.
Source
newspapers
2. August 11, 1896 Suspension
Cause
Macro News
Cause Details
Extraordinary condition of the money market; inability to realize on securities forced the firm to suspend.
Newspaper Excerpt
North & Taylor, private bankers, who did business at 959 West Madison street, suspended today. ... They were compelled to discontinue business because of the extraordinary condition of the money market and inability to realize on securities.
Source
newspapers

Newspaper Articles (10)

Article from Birmingham State Herald, August 12, 1896

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Article Text

Still Another. Chicago, Aug. 11.-North & Taylor, private bankers, who did business at 959 West Madison street, suspended today. The bank's depositors are working men and the total amount of their savings is placed at $100,000. The firm had a capital of $50,000. Charles A. North and Louis D. Taylor, the partners, have been in business for several years. They were compelled to discontinue business because of the extraordinary condition of the money market and Inability to realize on securities. Depositors are promised full payment. The Equitable Trust company was appointed receiver.


Article from The Morning News, August 12, 1896

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A PRIVATE BANK FAILS. Too Hard to Realize on the Securities They Held. Chicago, Ill., Aug. 11.-North & Taylor, private bankers, who did business at 959 West Madison street, suspended to-day. The bank's depositors are working men, and the total amount of their savings is placed at $100,000. The firm had a capital of $50,000. Charles A. North and Louis D. Taylor, the partners, have been in business for several years. They were compelled to discontinue business because of the extraordinary condition of the money market, and inability to realize on securities. Depositors are promised full payment. The Equitable Trust Company was appointed receivers.


Article from The Salt Lake Herald, August 12, 1896

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BANKERS BREAK. North & Taylor, of Chicago, Suspend. CHICAGO, Aug. 11.-North & Taylor, private bankers, who did business at 959 West Madison street, suspended today. The bank's depositors are workingmen and the total amount of their savings is placed art $100,000. The firm had a capital of $50,000. Charles A. North and Louis D. Taylor, the partners, have been in business for several years. They were compelled to discontinue because of the extraordinary condition of the money market and inability to realize on securities. Depositors are promised full payment. The Equitable Trust company was appointed receiver.


Article from Richmond Dispatch, August 12, 1896

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Telegraphic Tersities. Jackson, Miss.-Rev. Thomas W. Casey, a Christian preacher of great renown in Mississippi and Texas, died; aged 84. Fairmont, W. Va.-William G. Browne, of Kingwood, was nominated for Congress on the first ballot by the Democrats of the Second District. St. Louis.-Colonel Robert H. Kern, of St. Louis, was nominated by the Twelfth District Democratic Congressional Convention, without opposition. London.-A hastily convened Cabinet council was held at the Foreign Office, in Downing street, at which the situation in Crete was under discussion for two hours. Budapest, Hungary.-Miss Clara Barton, president of the American Red-Cross Society, and her aides, have arrived, on their way from Constantinople for Germany, all of the party being well. Washington, D. C.-In accordance with instructions from his government, Baron Fava, the Italian Ambassador, has asked the Department of State for official information regarding the lynching of three alleged Italian subjects in Louisiana Saturday night, and the Department of State has promptly called on the Governor of Louisiana for a full report of the occurrence, in order that a suitable report can be made to the Ambassador. Chicago.-North & Taylor, private bankers, who did business at 959 west Madison street, suspended. The bank's depositors are workingmen, and the total amount of their savings is placed at $100,000. The firm had a capital of $50,000. They were compelled to discontinue business because of the extraordinary condition of the money market and of inability to realize on securities. Depositors are promised full payment. Chicago.-A meeting of the Negro National Democratic League was called to meet in Chicago at noon, and at that hour, A. E. Manning, chairman of he Executive Committee, called the meeting to order. but, owing to the failure to arrive in time of several prominent members of the league, an adjournment was taken till 3 o'clock, after the appointment of a committee on credentials. as follows: W. T. Scott, Illinois: C. A. Rideout. Washington; J. L. Brown, Illinois.


Article from New-York Tribune, August 12, 1896

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WESTERN BANKS GO UNDER. Duluth, Minn., Aug. 11.-The Security Bank of Duluth, one of the largest State banks in the State, closed its doors this morning. Two notices were posted on the door, one reading: Heavy and unlooked-for withdrawals of deposits and the impossibility of making speedy collections have compelled us to close our doors. We think depositors need have no fear regarding the ultimate safety of their funds. W. P. LARDNOR, Cashier. The other notice reads: In my official capacity as Superintendent of Banks of the State of Minnesota I have taken possession of the books, records and assets of every description of this bank, as provided by law. M. D. KENYON, Examiner. The capital stock of the bank was $100,000, and its surplus $40,000. Its last statement showed total resources of $535,835. There was $6,740 of undivided profits on hand. The total deposits on July 22, the date of the bank's last statement, were $329,324. None of the officers of the bank will talk about the bank's affairs further than to say that they expect to pay all deposits in full. The failure has caused considerable excitement, and further failures are feared. The bank was organized in 1889, with Joseph Sellwood, president, and F. W. Paine, cashier. The capital stock is $100,000; surplus, $40,000, and average deposits, $425,000. Chicago, Aug. 11.-The private bank of North & Taylor, No. 959 West Madison-st., was closed this morning. No statement has as yet been made.


Article from The Record-Union, August 12, 1896

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BANK FAILURE. the Workingmen Depositors to Amount of $100,000. CHICAGO, Aug. 11.-North & Taylor, private bankers, who did business at 959 West Madison street, suspended today. The bank's depositors are working men, and the total amount of their savings is placed at $100,000. The firm had a capital of $50,000. Charles A. North and Louis D. Taylor, the partners, have been in business for several years. They were compelled to discontinue because of the extraordinary condition of the money market and inability to realize on securities. Depositors are promised full payment. The Equitable Trust Company was appointed receiver.


Article from Twice-A-Week Plain Dealer, August 14, 1896

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BANKS CLOSE. Various Causes for the Suspension of Financial Institutions. THREE OF THEM CLOSE THEIR DOORS. They Are the Murray Hill Bank of New York, North & Taylor of Chicago, and Security of Duluth-All Will Pay in Full. New York, Aug. 12..-The Murray Hill bank, doing business at 760 Third avenue, one of the oldest state banks in the city, has closed its doors. A notice, signed by the state superintendent of banking, which was posted on the door, states that the bank is closed, pending an examination of its affairs. It is stated that the Murray Hill bank was closed by order of Superintendent of Banks Kilburn because it was behind in its legal reserve of money and could not carry on business. The directors say the bank will resume in a few daysand pay 100 cents on the dollar. The total assets are expected to be $1,000,000, about $500,000 greater than the liabilities. Many of the depositors are willing to sell their deposits for onehalf their value. Chicago Bank Goes Under. Chicago, Aug. 12.-North & Taylor, private bankers, who did business at 959 West Madison street, suspended Tuesday. The bank depositors are working men and the total amount of their savings is placed at $100,000. The firm had a capital of $50,000. Charles A. North and Louis D. Taylor, the partners, have been in business for several years. They were compelled to discontinue because of the extraordinary condition of the money market and inability to realize on securities. Depositors are promised full payment. The Equitable Trust company was appointed receiver. Security Bank of Duluth Closed. Duluth, Minn., Aug. 12.-The Security bank, of Dulnth, one of the largest state banks in the state, closed its doors Tuesday morning. The capital stock of the bank was $100,000 and its surplus $40,000. Its last statement showed total resources of $535,835. There was $6,740 of undivided profits on hand. The total deposits on July 22, the date of the bank's last statement, were $329,324. The officers of the bank say that they expect to pay all deposits in full. Millers Assign. Hamilton, O., Aug. 12.-The Carr & Browne company, of this city, which runs a large flouring mill, assigned Tuesday morning to William E. ,Browne, president of the Second national bank. The assignee gave bond in the sum of $30,000. Assets, $26,000; liabilities not given. Liabilities of $200,000. Boston, Aug. 12.-The assignment is announced of W. H. Treworgy, wholesale lumber dealer. It is understood that the liabilities are in the vicinity of $200,000.


Article from The Copper Country Evening News, August 17, 1896

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Chicago Banker Arrested. CHICAGO, Aug. 17.-Louis D. Taylor of the assigned banking house of North & Taylor, 959 West Madison street, was arrested at his home in Oak Park Friday night, charged with receiving a deposit of $785 after he knew the bank was insolvent. He was taken to the Maxwell street station and released on bail. The complainant, Garfield G. Le Fevre, is a grocer, 1299 West Madison street.


Article from The Ely Miner, August 19, 1896

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THE NEWS. Compiled From Late Dispatches. DOMESTIC. Linn O'Neill, of Toledo, O., aged five years and blind, one of the greatest musical prodigies the world ever produced, died from the effects of the heat. During a storm at Cleveland many small boats on the lake were wrecked but no lives were lost. Bob Pierson and Morris Jacobs, pugilists, who attempted to fight near Cincinnati, were arrested and fined $100 each and sent to jail for 50 days. Harry K. Brown, exchange clerk of the Bullion and Exchange bank of Carson, Nev., is said to be a defaulter to the extent of $75,000. The Security bank of Duluth, Minn., one of the leading banks of the city, closed its doors with deposits of $800,000. A fire on the water front of Norfolk, Va., destroyed property valued at $100,000. Five lives were lost in a fire which occurred in A. K. Warren & Co.'s electrical supply manufactory in New York, the property loss being $100,000. The Murray Hill bank in New York suspended payments with liabilities of $500,000. S. K. Martin, president of the S. K. Martin Lumber company of Chicago, the largest lumber firm in the world, died at Alma, Mich., aged 59 years. Joseph Kohler and his wife were killed by the cars at a crossing near Canton, O. Fire in the penitentiary at Anamosa, Ia., destroyed the large library-room of 8,000 volumes, the tailor shop, the dining-room and chapel. The hot wave was broken in the northwest on the 11th, but continued in the east and south. On the date named 146 persons died from the heat in New York, 22 in Brooklyn, 18 in Philadelphia, 12 in St. Louis, 16 in Terre Haute, Ind., 8 in Chicago and several in other towns, the total reported being 265. The reports as to the condition of the crops throughout the country are favorable, corn especially having been greatly benefitted by the hot weather. During a thunder-shower at Rogers, Ark., B. J. Bryant and his five-year-old daughter were struck by lightning and killed. W. H. Treworgy, wholesale lumber dealer in Boston, failed for $200,000. North & Taylor, private bankers in Chicago, suspended payments, with liabilities of $100,000. Lena Rivitt, aged 16, and Cora Goanette, aged ten, were drowned while bathing in Pinedale pond near Athol, Mass. A ten-year-old boy named Mills killed the two little children of Frank Powers at Hollywood, N. C., because they would not stop crying. By a flood in the Tiptown river in the vicinity of Bourbon, Ind., houses, barns and crops were destroyed and 25 persons lost their lives. E. S. Sanborn & Co., of Lynn, Mass., manufacturers of ladies' shoes, failed for $100,000. A strike has been ordered in all mines in Ohio where the men are working for less than the rate established at the last scale meeting, and all mines operated under the contract lease system. Josiah E. Kelley, for 27 years assistant cashier of the First national bank at South Bend, Ind.. killed himself because of a shortage of $24.000 in his accounts. The Manhansett hotel at Shelter Island, one of the largest and most fashionable of the summer hotels on the Long Island coast, was burned, the loss being $100,000. The Michigan Buggy company's factory at Kalamazoo was burned, the loss being $100,000. Miss Celia Rose, 24 years old, is in jail at Mansfield, O., charged with killing her father, mother and brother with poison. In a wreck on the Lake Shore road near Otis, Ind., Engineer James Griffin and Fireman Michael Roach, both of Elkhart, Ind., were killed. The Knights and Ladies of Industry, a benevolent order with headquarters in St. Louis, went out of existence. S. F. Myers & Co., manufacturing jewelers in New York city, failed for $500,000. During a storm at Pittsburgh, Pa., and vicinity six lives were sacrificed and thousands of dollars' worth of property laid waste.


Article from The Taney County Republican, August 20, 1896

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CURRENT TOPICS. THE NEWS IN BRIEF. PERSONAL AND GENERAL A HEAVY wind and thunder storm which swept over Detroit, Mich., on the 9th, resulted in the drowning of at least three men in the Detroit river, and several yachtmen had extremely narrow escapes. THE fatalities resulting from the excessive heat in all parts of the country call to mind the record of July, 1876. HARVEY ALLENDER shot and killed Miss Wally Flelner and V. Crossett at San Jose, Cal., on the 9th. and then at tempted to killed himself, but failed. The shooting occurred in a crowded street, and created intense excitement. HARROWING tales are told of suffer ing experienced by a colony of Louisiina negroes in Guatemala who were induced to go there last May to work on railroads. Four of their number have been killed, and those still alive are in condition worse than slavery. THE St. Louis telephone service, which is to go into effect as soon as the present plant has been reconstructed will, it is said, be the finest In the world. FIVE persons were drowned in the Delaware river' near Bridesburg, a suburb of Philadelphia, on the 10th, by the overturning of a rowboat durIng a gale. There were no other occupants of the boat SPAIN is, it is said, contemplating conscription to raise more soldiers for Cuba. A TERRIBLY destructive wind and electrical storm swept over Saginaw, Mich., on the 10th, doing great damage. estimated at $100,000. "DIVINE HEALER" SCHRADER was stoned and run out of Fort Worth, Tex., as soon as he was found to be an impostor. SAM PLATT. a real estate man of Kansas City, Mo., met business reverses and committed suicide on the 10th. AN Italian man-of-war has captured off the coast of Erythrea the Dutch steamer Doelwyk, laden with 34,000 rifles, which are supposed to be of Belgian manufacture, and which were destined for Abyssinia. THE government report on the cotton situation, on the 10th, cutting prospects more than ten per cent., caused a rise in speculative prices. CHOLERA again shows an increase in Egypt, and anxiety is felt on account of the absence of reports from the camp of the Egyptian forces on the Nile. It is feared that a serious condition prevails there. WINFIELD SCOTT, the Santa Fe railroad official who had been missing for several weeks, appeared at his homei Chicago on the 11th. He was in a dazed condition and unable to tell where he had been except to say that he had been overcome by the heat while in a Turkish bath house. GEORGE WALTERS, a well-known citizen of Columbus, O., was thrown from his sulky, on the 11th, by his horse running away. His foot caught and be was dragged five blocks and fatally injured. S. P. POND, train dispatcher, and R. C. Friesner, operator for the Toledo & Ohio Railway Co., who are held responsible for the terrible collision at Columbus, O., on the night of the 10th have been placed under arrest, charged with manslaughter. A HASTILY-CONVENED British cabinet meeting was held at the foreign office in Downing street, London,on the 11th, in which the situation in Crete was under discussion for two hours. THE private bank of North & Taylor, 969 West Madison street, Chicago, was closed at ten o'clock on the morning of the 11th. THE Murray Hill Bank of New York s closed, on the 11th, by inspectors pending an investigation of its books FIRE at Anamosa (Ia.) penitentiary started in the cellar of the prison dining-room, on the 11th, and in a short time was beyond control, and the entire entire building was destroyed, ineluding a large library of 3,000 voltimes. The loss will be $20,000. QUEEN VICTORIA has issued a message to the nations thanking them for their expressions of loyalty and affection as the period approaches when the length of her reign will have exceeded that of any other English monarch. A CONFLAGRATION at Norfolk, Va., op the 11th, destroyed the Atlantic saw mills, the Old Dominion guana factory and the Merritt wrecking warehouse and the docks, causing loss of $100,no. Twenty-five firemen were prostrated by the intense heat AT Mount Etna, Ind., over 8,000 pounds of black bass were taken from Salamonie river with buckets on 11th The river runs through the helt, and during the freshet the was covered with oil, which the fish to the shore. NATE EARNSHAW, 11 years old, son of ll-to-do farmer, residing five miles of Olathe, Kaa, committed suion the 11th, by shooting himself berevorver. The lad had boom to cigarettes Jeast three persons, and possibly were burned to death in fire indestroyed a six-story brick build at Na 465 Greenwich street. New city, on the 11th. Several awere injured by the smoke as by jumping